By Serene Cheong (Bloomberg) -- The biggest oil traders feeling the squeeze in a world awash with crude are seeking an edge by offering tailor-made cargoes in an offshore megastore. By selling bespoke from a fleet of ships anchored off Singapore and Malaysia, the likes of Vitol Group, Trafigura Group, Glencore Plc and Gunvor Group are seeking to lure buyers who are … [Read more...]
Oil Drops as U.S. Drilling Growth Threatens to Counter OPEC Cuts
By Mark Shenk (Bloomberg) -- Oil fell as a U.S. drilling revival undermines the potential for OPEC output curbs to rebalance the market. Futures dropped as much as 1.9 percent in New York. Saudi Arabian Energy Minister Khalid Al-Falih said on March 16 that the kingdom may extend its cuts if supplies stay above the five-year average. A day later, though, data showed … [Read more...]
Oil Demand to Grow More Swiftly, Too Early to Assess Global Output Cut
By Amanda Cooper LONDON, Dec 13 (Reuters) - Global oil demand will rise more strongly than expected next year, although it is too soon to assess fully the impact of a joint cut in supply by the world's largest producers, the International Energy Agency said on Tuesday. In its monthly oil market report, the IEA said revisions to its estimate of Chinese and Russian … [Read more...]
World News: Libya Ramps Up Crude Exports as Ports Reopen for First Time Since 2014
By Saleh Sarrar and Hatem Mohareb (Bloomberg) -- Libya boosted crude production by more than 70 percent since August as some oil fields resumed output and export terminals in the OPEC country reopened for their first overseas loadings in two years. The North African nation’s crude output rose to 450,000 barrels a day after work resumed at some oil fields, Ibrahim … [Read more...]
Oil Map Redrawn When Cheap Tankers Make Crazy Voyages Profitable
By Tracy Alloway and Javier Blas (Bloomberg) -- From Norway to the Bahamas, from Algeria to Australia. Ultra-low crude prices combined with cheap shipping rates are encouraging a host of exotic new oil trading routes that wouldn't look out of place in the latest travel brochures. Oil exporters are tapping into new markets as they attempt to work through a glut in crude … [Read more...]
Oil Executives See Market ‘Volatility’ Through 2017
By Mikael Holter and Rakteem Katakey (Bloomberg) -- Crude markets will continue to be plagued by volatility in the short and medium term after suffering the biggest downturn in a generation over the past two years, according to oil-company executives gathering for one of the industry’s biggest conferences in Norway. “The volatility is here to stay,” ConocoPhillips Chief … [Read more...]
Glut of Floating Crude Clears
The glut of crude oil stored in ships on the North Sea is finally starting to dissipate. Demand for the commodity has increased as traders take advantage of remaining discounts before maintenance begins at the U.K.’s largest oil field. The result: a whittling away at the backlog of floating storage that has persisted for months. The “timing is right” for … [Read more...]